BitMart Exchange, a premier global digital asset trading platform, recently announced the listing of USD Coin (USDC), a dollar-backed stablecoin that is issued by the cryptocurrency finance firm – Circle. By listing a safe and transparent tokenized fiat currency, BitMart is ready to embrace a more open crypto-powered financial system.
USDC is the first stablecoin supported by Coinbase; the underlying technology behind it was developed collaboratively between Coinbase and Circle. It is a blockchain-based digital dollar where each token is strictly pegged 1:1 to the U.S. dollar. This means the coin can be easily programmed, sent and used in DApps, and seamlessly stored locally, in comparison to traditional bank account-based dollars.
“This is why we think of USDC as an important step towards a more open financial system,” said Sheldon Xia, Founder & CEO of BitMart. “Since BitMart’s mission is to offer secure financial services and high liquidity ratio in the crypto trading market, it is important for us to provide investors with diverse stablecoins that have acceptable capacity to reduce investment risk.”
Following the support of Gemini Dollar (GUSD) last week, this is the second stablecoin that BitMart has listed on its platform. Both GUSD and USDC are fiat-backed ERC20 tokens which allow investors to use Etherscan to search and track transactions, making a more trustworthy and transparent trading experience.